Business of Media: Heavily indebted broadcasters do more with much less

Some of the country's biggest commercial broadcasters have recently reported results, and a couple of striking themes have emerged.

11th November, 2012
Business of Media: Heavily indebted broadcasters do more with much less
'Denis O'Brien's Communicorp has been particularly active in improving its debt profile over the past two years, which its lenders are no doubt happy with'.

Some of the country's biggest commercial broadcasters have recently reported results, and a couple of striking themes have emerged.

First, the level of debt they are carrying is surprising. Communicorp's Today FM, television station TV3 and UTV's FM104 were all bought during the boom and owe substantial sums to the banks.

But secondly, their accounts show they have all managed to keep costs tight in the last few years, and kept margins intact during a...

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